Chicago Consumers Falling for Card Services Credit Scam
Sometimes our desire to save money makes us do costly things - like fall for the latest finance scam.
It seems that a growing number of customers are paying telemarketers big bucks to lower the interest rate on their credit card. In exchange for the money, the telemarketers - who usually claim to be from "credit card services" or something similar - offer to lobby the consumer's credit card issuer for a ridiculously low rate. Whether they actually do or not isn't certain, say Chicago bankruptcy attorneys. What is for sure, however, is that they're taking, on average, $600 or more from consumers already having difficulty paying credit card bills and a mortgage.
It's easy to understand why so many people desperately want a lower interest rate. If you're carrying a lot of debt on your credit cards, it can be a struggle to afford your minimum payments - let alone enough to actually start lowering your balance. But paying someone else to take care of the problem is only going to add to your money woes.
Even if the telemarketer does call your credit card company, they won't have any more pull than you. You'd be better off calling your creditor yourself - for free - and requesting that they lower your rate, or allow you to switch to a more affordable card.
Remember, if you're carrying debt, it's your balance - not just your rate - that's the problem. By reducing debt, you'll reduce the actual size of your interest payments, no matter what your rate. It's okay to start small -- paying a little bit over the minimum here, spending a little less with your credit card there. But if you're truly overwhelmed by the size of your debt, bankruptcy can give you a head start by providing an affordable payment plan. Find out for free if bankruptcy is the jumpstart your finances need when you try a complimentary personal debt analysis with a Chicago bankruptcy attorney.